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NGL Energy Partners LP (NGL) earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · NGL Energy Partners LP (NGL) Q2 FY27 earnings results →
Q2 FY27 Revenue up 46% year over year to $987M · 4¢ of every $1 of revenue lost · operating margin 2.4%
NGL Energy Partners LP made $987M in Q2 FY27 (+46% Y/Y): Product $766M, Service $221M. Operating margin 2.4%, net loss $42.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $986.6M in Q2 FY27, up 46% year over year and roughly flat from the previous quarter. Product was the largest line at 78% of revenue. Product added $281.2M year over year (up 58%), 90% of the total change.
Operating profit was $23.9M, a 2.4% margin (down 11.5 points year over year). Operating profit fell $70.3M even though revenue rose $311.9M versus Q2 FY26, so costs grew faster than sales. Total costs grew 66% against revenue growth of 46%. The fastest-growing cost line was Cost of revenue (+73%). The quarter ended with a net loss of $42.6M, after a profit of $80.1M the previous quarter. Net interest and other expense of $66.4M was the main reason.
Operating cash flow was $94.6M (up 134% year over year). Non-cash charges added back $68.0M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items added $65.0M. Capital expenditures of $118.0M exceeded it, leaving free cash flow of −$23.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Nov 5, 2026 | $987M | +46% | 2.4% | −$42.6M | $94.6M |
| Q1 FY27 | 10-Q | Aug 4, 2026 | $990M | +59% | 14.7% | $78.7M | $77.0M |
| Q4 FY26 | 10-K | May 28, 2026 | $950M | -2% | -21.8% | −$287M | $110M |
| Q3 FY26 | 10-Q | Feb 3, 2026 | $910M | -7% | 12.1% | $47.2M | $182M |
| Q2 FY26 | 10-Q | Nov 4, 2025 | $675M | -11% | 14.0% | $29.3M | $40.5M |
| Q1 FY26 | 10-Q | Aug 7, 2025 | $622M | -18% | 15.7% | $68.9M | $33.2M |
| Q4 FY25 | 10-K | May 29, 2025 | $971M | -7% | 10.4% | $13.7M | $155M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About NGL Energy Partners LP
Originally formed in September 2010, we are a Delaware master limited partnership and our business is currently organized into the following three segments: • Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also sell produced water for reuse and recycle to our producer customers to be used in their crude oil exploration and production activities. As part of processing water, we aggregate and sell recovered crude oil, also known as skim oil. We also dispose of solids such as tank bottoms, drilling fluids and drilling muds and perform other ancillary services such as truck washouts.
In its own words, from its 10-K, filed May 28, 2026.
NGL Energy Partners LP against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +46% against the peers' median +30%. Operating margin: 2.4% against the peers' median 24.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
| ET Energy Transfer LP | Q3 2026 | $37.1B | +86% | 7.5% |
| EPD Enterprise Products Partners L.P. | Q3 2026 | $17.9B | +49% | 11.1% |
| TRGP Targa Resources | Q3 2026 | $5.6B | +35% | 19.6% |
| KMI Kinder Morgan | Q3 2026 | $4.5B | +9% | 25.6% |
| Northwest Pipeline LLC | Q3 2026 | $3.2B | +10% | 35.2% |
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| Boardwalk Pipeline Partners, LP | Q3 2026 | $614M | +13% | 24.1% |
Source: NGL Energy Partners LP 10-Q on SEC EDGAR · CIK 1504461 · Natural Gas Transmission
Guidance and outlook
13F: who owns NGL and who is buying
More on NGL
- How NGL Energy Partners LP makes money: revenue by segment
- NGL Energy Partners LP next earnings date and what analysts expect
- NGL Energy Partners LP stock forecast, price target and fair value
- Who owns NGL Energy Partners LP stock: holders, funds and Congress trades
- NGL Energy Partners LP guidance and outlook
- Is NGL Energy Partners LP a takeover target? LBO and rumors
History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results